TSX : AXY
VANCOUVER, April 28, 2013 /PRNewswire/ - Alterra Power Corp. (TSX: AXY) and Greenbriar Capital Corp. (TSXV: GRB) are pleased to announce they have entered into a partnership, AG Solar One, which intends to develop 100 MW of solar generation capacity in Puerto Rico under a Master Renewable Power Purchase and Operating Agreement with the Puerto Rico Electric Power Authority. The partnership, which will be owned 50/50 by Alterra and Greenbriar, acquired rights to the master agreement last week.
John Carson, Alterra's Chief Executive Officer, said, "We're excited to be working with the Greenbriar team, with their strong Puerto Rico experience, and putting our combined efforts toward developing and completing this solar project. The partnership may pursue other projects together as well, which will bolster Alterra's external growth plans and complement its internal growth projects such as the Jimmie Creek hydro plant."
Jeff Ciachurski, Greenbriar's Chief Executive Officer, said, "We are delighted to partner with Alterra Power Corp., a company which holds the unique position of operating the four corners of renewable energy generation. The direct experience by Alterra of owning and operating wind, solar, hydro and geothermal makes the partnership with Greenbriar a fully integrated renewable technology platform."
About Alterra Power Corp.
Alterra Power Corp. is a leading global renewable energy company. Alterra operates six power plants totaling 566 MW of capacity, including two geothermal facilities in Iceland, a geothermal plant in Nevada, British Columbia's largest run-of-river hydro facility and the province's largest wind farm. The company's 297 MW share of production capacity generates approximately 1,400 GWh of clean power annually. Alterra also has an extensive portfolio of exploration and development projects, a skilled international team of developers, explorers, builders and operators to support its growth plans.
The company trades on the Toronto Stock Exchange under the symbol AXY and OTC in the United States as MGMXF.
Cautionary Note regarding Forward-Looking Statements and Information
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, statements with respect to future events or future performance, the fulfillment of all conditions precedent to the obligation of the parties under the agreements, required consents and third party approvals. This news release also contains statements with respect to our plans to expand our operations, management's expectations regarding our growth, business prospects and opportunities and energy generation capacities. Such forward-looking information reflects management's current beliefs and is based on information currently available to management.
SOURCE Alterra Power Corp.